21 May The Origin of Travel Insurance
Today, purchasing travel insurance is a common precaution, but its history dates back to medieval merchants who traveled along dangerous routes.
During the Silk Road era, Chinese and Arab traders faced numerous dangers, from robberies to storms. To mitigate these risks, the first protection systems emerged: a merchant would pay an upfront sum to a network of insurers and, in case of a loss, would receive compensation.
Later, in the 14th century, Italian merchants from Genoa and Venice formalized this concept with written contracts, creating the first maritime travel insurance policies. With the rise of global navigation, England and the Netherlands expanded these systems, insuring ships and goods against pirates and shipwrecks.
Today, travel insurance covers everything from cancellations to medical emergencies, but its origins lie in the need to protect early explorers and merchants who risked everything on their journeys.
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